AngloGold full-year guidance reaffirmed, strong fourth quarter under way

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AngloGold Ashanti CEO Alberto Calderon reported on Thursday, November 5, that the Johannesburg Stock Exchange-listed company is well positioned to deliver a strong final quarter to achieve full-year gold production targets while advancing the company's long-term, high-margin project pipeline.
Full-year gold production guidance of 2 800 000 oz to 3 170 000 oz is reaffirmed. Production for the first nine months hit the 2 164 000 oz mark.
Third-quarter (Q3) gold production of 696 000 oz reflected anticipated grade sequencing across key openpits and short-term operating challenges that have since normalised.
Five assets expanded production year-on-year compared with Q3 2025, led by Siguiri (+49%), Sunrise Dam (+6%), Kibali (+6%), Cuiabá (+4%), and Cerro Vanguardia (+2%).
Year-on-year production decreases were recorded at Tropicana (-15%), Iduapriem (-43%), Obuasi (-26%), Sukari (-21%), and Geita (-4%) in Q3 2026.
This year's lower $722-million third-quarter free cash flow, down from the $920-million in the third quarter of last year, was impacted mainly by lower ounces sold as well as:
• a 45% increase in total capital expenditure (capex) to $497-million funding critical waste stripping campaigns, fleet upgrades, and the continued advancement of the North Bullfrog and Arthur Gold projects in Nevada.
• net cash taxes paid increasing to $174-million in Q3 2026, from $75-million in Q3 2025.
• working capital absorption mainly from lower payables and higher receivables, and higher operating costs.
The group ended Q3 2026 in a net cash position of $1 256-million, with overall liquidity of around $4.5-billion, providing headroom to fund organic growth.
Through a planned period of intensive reinvestment in growth and mine life extension projects, AngloGold lifted net cash to $1.26-billion and supported an interim Q3 dividend of $361-million.
Dewatering at Iduapriem following flooding from a neighbouring mine earlier this year has restored full access to high-grade mining blocks, opencast waste-stripping at Sukari is unlocking higher-grade ore and underground stopes at Obuasi are returning to their operational ramp-up following a fatality earlier this year.
Brownfield expansions targeted at Geita, Siguiri, and Cuiabá, as well as the ongoing ramp-up at Obuasi are designed to leverage existing infrastructure and operational footprints to reduce execution risk and optimise capital intensity.
Total forecast capex for the growth projects at Geita, Siguiri and Cuiabá is estimated at $750-million to $900-million over a three-year period, which is projected to provide incremental production from a 2025 base of 300 000 oz to 450 000 oz by the end of the decade.
At steady state, these projects are expected to maintain or improve real operational costs.
In Nevada, the Arthur Gold project feasibility study and North Bullfrog permitting activities are advancing on schedule, with the aim to establish the company's next Tier 1 production centre.
On November 3, the board approved funding for the execution phase of the North Bullfrog project, subject to receipt of federal and state-level permits.
Total third-quarter cash costs per ounce were $1 534/oz, versus $1 480/oz in Q2 2026 and $1 225/oz in Q3 2025.
All-in sustaining costs per ounce in Q3 were $2 170/oz from $1 720/oz in Q3 2025, with most of the increase stemming from exogenous market-related factors.
This performance also reflects planned annual sustaining capex and volume-sensitive fixed cost absorption during the lowest-production quarter of the year, the company stated.
Exogenous, market-driven factors accounted for $189/oz (61%) of the year-on-year increase in total cash costs per ounce in Q3 2026, and $201/oz (83%) of the year-on-year increase across the firs...